A party interested in licensing a patent may ask the patent owner to hold the patent open for potential license until an agreed upon date. Of course, the interested party typically pays the patent owner for this right. Universities commonly do this by granting an “option” to a party to exclusively license the patent by some agreed upon date.
Steven Saunders is an Intellectual Property Attorney at the Boston-based law firm, Nutter. Steven can be reached at email@example.com.
For more information about Steven, See Steven’s Martin Trust Center Biography at: https://entrepreneurship.mit.edu/profile/steven-saunders/